RaquelSellsPhillyHomes.com

Offering a new home for sale in Frankford at 3259 Joyce Street. The home is on a friendly block, close to public transportation, and convenient to shopping and schools.

Just one more story that proves I have the funniest clients, ever.

I had an appointment for 3pm this afternoon to meet with a seller client. I called him about 9am to confirm the appointment. I thought I woke him up, but we had a quick conversation, and agreed that meeting at 3pm is fine.

Fast forward to 1:3opm, my client calls me and this is was the conversation:

Client: Did we talk this morning?

Me: Um, yes?

Client: What did we talk about?

Me: I called you to confirm our appointment for this afternoon?

Client: Really? Cause I don’t remember a word we said (starts laughing)

Me: Oh, well, sorry for waking you up. Are we still good for this afternoon?

Client: Yeah, nice talking to you (keeps laughing)

My clients are the best

Now you can get the comforts of a twin for the price of a row! This is a very well maintained end-unit home with hardwood floors, updated kitchen and bath, spacious bedrooms, garage and a pool for summer comfort. Includes the refrigerator, washer, and dryer so you can move right in!

1. Foreclosure Follows You – Homeowners will always have to disclose that they have had a foreclosure on any mortgage application and many job applications that they submit in the future. This can have an adverse effect on their future mortgage rates. This is a credit item that is asked about specifically in credit inquiries. There is no seven-year time limit on this item.
2. Credit Score Negative Impact – Credit scores will be lowered by 300-plus points (per loan). Along with bankruptcy, a foreclosure is one of the most devastating credit issues you can have in relation to future credit availability.
3. Ineligibility for a Government Insured Loan – The homeowner will be ineligible for a government insured loan for 5–7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.
4. Possibility of Deficiency Judgment – Your lender can seek a deficiency judgment against you and collect any amount they do not recuperate at bank sale.
5. Negative in Employment Credit Checks – Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire in jeopardy.
6. Potentially Damaging in Current Employment – Many current employers run credit checks. A foreclosure can put a current position in jeopardy.
7. Negative on Security Clearances – Security clearances and government positions— including but not limited to military and law enforcement—can be jeopardized by a foreclosure. Revocation of security clearance can result in job reassignment or loss.
8. Lower Tax Liability than Foreclosure – The tax liability in a foreclosure may be much higher than in a properly negotiated short sale since canceled debt will be higher in a foreclosure.
9. You Have Alternatives – As your expert, I will explore every option with you and work toward the best resolution.
10. Do Everything You Can – While it may not seem like it now, there will come a time where your current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid this devastating financial consequence that so many people face today.

If you or anyone you know is facing foreclosure, or know that you will not be able to make mortgage payments much longer, call me today at (267) 918-3691 for a confidential consultation. I can help you sell your home and get a fresh start.

My client submitted an offer for a home based on the recent comps in the neighborhood. The seller’s agent responded with a counter-offer for full price, based on a comp that is 15 months old.  The agent copied and pasted the comp information into her email reply, and I was almost convinced, until I saw the date. That gave me a good, loud laugh!

In case you don’t understand agent-speak, comp is short for “comparable”, which is a property similar to the subject property, that has sold in the last three months. I only use comps for the most recent three months because that’s what an appraiser would use. I check comps to make sure my clients know what the going price for a property is, and also so that they don’t pay too much. It also helps to avoid any potential problems with the appraisal.

With the first-time homebuyer tax credit deadline having come and gone, you may be asking yourself, “What now?” Fortunately, the door is now open to a new wave of savings: distressed properties.

For many buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices.

According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time buyers in 2009. 50 percent of all short sale buyers were first-time buyers.

By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend.

If you’re in the market for a home and are prepared for a unique transaction, a distressed property can be a great option. Here’s why:

Prices are low – Buying a foreclosed property is an excellent way to get a home for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale.

Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford.

You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States.

Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell.

Your best ally when purchasing a distressed property is an expert. Always have a professional agent by your side to help you make informative decisions. If you’re interested in learning more about purchasing a distressed property, call me now at 215-961-3603, or send me an email.

“Raquel is a fabulous agent. It was a pleasure working with her, and I was fully satisfied with her time and dedication that she put into with the process of purchasing my first new home. All my questions were answered and working with Raquel I had no worries. I recommend her to all those in the process of purchasing a home.” Nancy C., 3/5/2010 happy homebuyer